On Jan 1, 2020, Pip's Puppy Company Issues a $700,000 Face Value Bond Payable. The Bond is for 10 years a pays 8% interest annually on Dec 31st of each year. Problem I: Record the Issuance of the Bond Payable on 1/1/20 Assuming the Price is = 100% of Face Value Rec

On Jan 1, 2020, Pip's Puppy Company Issues a $700,000 Face Value Bond Payable. The Bond is for 10 years a pays 8% interest annually on Dec 31st of each year. Problem I: Record the Issuance of the Bond Payable on 1/1/20 Assuming the Price is = 100% of Face Value Rec

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On Jan 1, 2020, Pip's Puppy Company Issues a $700,000 Face Value Bond Payable. The Bond is for 10 years and
pays 8% interest annually on Dec 31st of each year.
Problem I:
Record the Issuance of the Bond Payable on 1/1/20
. Assuming the Price is = 100% of Face Value
Record the annual interest payment for both Dec 31st 2020 & 2021
Record the Maturity of the Bond on Jan 1 2030
Problem II:
Assume the Bond is issued at 92% of Face Value:
Record the issuance on the Bond Payable on Jan 1, 2020
Record the annual Interest entry for Dec 31st for both 2020 & 2021
Record the Maturity of the Bond on Jan 1, 2030
Problem III:
Assume the Bond Payable is Issued at 106% of Face Value
Record the Issuance of the Bond on Jan 1, 2020
Record the annual interest payment on Dec 31st 2020 & 2021
Record the Maturity Date of the Bond on Jan 1st 2030

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